Brexit Britain would be economically worse off outside the European Union under most other trade scenarios and exiting without any trade deal at all could see the country's wealth decline by over £100billion, a US-based think tank has claimed.

The Rand Corporation used a mathematical model to forecast changes in GDP growth, GDP per capita, trade and foreign direct investment for the UK under eight different trade scenarios.

According to the economic analysis, a failure to strike any trade deal with the EU would reduce GDP by 4.9%, or £105 billion over 10 years.

Theresa May(L) and EU Commission President Jean-Claude Juncker are expected to discuss trade deals this week

Charles Ries, the lead author of the report, commenting on the findings said: 'The analysis clearly shows that the UK will be economically worse-off outside of the EU under most trade scenarios.

'It is in the best interests of the UK and to a lesser extent the EU, to achieve some sort of open trading and investment relationship post-Brexit.'